To put the meteoric rise into perspective, software engineers Billy Markus and Jackson Palmer conceived the token as a joke in 2013.
And after eight years of trading for fractions of a penny, Dogecoin’s market cap of £53.87billion ($74.69billion) is now greater than that of Twitter.
Coindesk data at 3.02pm BST shows DOGE is exchanging hands for £0.416592 ($0.577543) per token.
For comparison, at the start of April, DOGE was trading for £0.036 ($0.05).
The DOGE rally has prompted a frenzy of memes and tweets from the token’s backers.
DOGE holders believe the token featuring a smiling Shiba Inu dog can be pushed up to the £0.72 ($1) mark this year.
But some believe there is an even greater potential for gains.
Oddly enough, these include high-profile celebrities like Mr Musk and TV chef Guy Fieri.
Mr Fiery tweeted on Monday: “To the MOON! #DogecoinToTheMoon”
Another person said: “I feel like an addict checking #dogecoin price every 30 seconds. I’m not the only one, right?”
Can Dogecoin reach $100 price per token?
Before you even consider buying Dogecoin, you should consider the risks of investing in cryptocurrencies.
Here in the UK, the Financial Conduct Authority (FCA) warned: “If you invest in cryptoassets, you should be prepared to lose all your money”.
With that out of the way, the sentiment surrounding DOGE’s potential has been bullish this year but just how far can the momentum carry Dogecoin?
It would seem night impossible for the token to hit such a price but stranger things have happened this year.
Most famously, a concentrated effort by Reddit-based traders pumped the share prices of Gamestop (GME’s) from just £14.40 ($19.94) on January 11 to as high as £234.67 ($325) just 18 days later.
GME’s spike was fuelled by short-sellers being forced to cover their positions as the stock’s value rose instead of tumbling but it gave hope to other traders looking to make money this year.
There is no real way of predicting where Dogecoin is headed and analysts fear DOGE’s gains this year are fuelled by hype and speculation, rather than genuine value, and that could lead to the bubble bursting.
It is worth considering Dogecoin is an inflationary token – unlike Bitcoin – meaning there is an infinite supply of the token to be mined.
In the long run, the inflationary model is expected to bring down prices.
To date, more than 110 billion DOGE tokens have been mined and stand at a market cap of £49.31billion ($68.39billion).
At a price of £72 ($100), Dogecoin’s market value would be in the trillions – comparable to the world’s biggest GDPs.
In other words, it would most likely take too much money to push DOGE to such heights.
The £0.72 ($1) target seems much more realistic at this stage, although the last attempt to push DOGE up on “Dogeday” (April 20), ended with the token plunging in value.